Company Announcements

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¹ Cash NOI, Same Property Cash NOI and AFFO per Unit are non-IFRS measures and AFFO payout ratio is a non-IFRS ratio. See "Non-IFRS Financial Measures" at the end of this news release.

² Debt to GBV is a supplementary financial measure. See "Non-IFRS Financial Measures" at the end of this news release.

   Three months ended
June 30,

Six months ended
June 30,

($000s, except per Unit amounts)

2025

2024

Change

2025

2024

Change

Rental revenue ⁽¹⁾

$24,601

$23,515

4.6 %

$48,503

$46,928

3.4 %

NOI ⁽²⁾

20,859

19,824

5.2 %

41,070

39,667

3.5 %

Cash NOI ⁽²⁾

20,635

19,535

5.6 %

40,653

39,044

4.1 %

Same Property Cash NOI ^{(1) (2)}

19,536

19,086

2.4 %

39,035

38,159

2.3 %

Net Income ⁽³⁾

11,240

37,288

-69.9 %

18,881

58,189

-67.6 %

FFO ⁽²⁾

12,807

12,015

6.6 %

25,428

24,084

5.6 %

AFFO ⁽²⁾

12,578

11,714

7.4 %

25,005

23,437

6.7 %

Distributions per Unit

0.201

0.201

-

0.402

0.402

-

FFO per Unit - basic ^{(2) (4)}

0.261

0.245

0.016

0.518

0.491

0.027

FFO per Unit - diluted ^(2) (5)

0.254

0.239

0.015

0.504

0.480

0.024

AFFO per Unit - basic ^{(2) (4)}

0.256

0.239

0.017

0.509

0.478

0.031

AFFO per Unit - diluted ^(2) (5)   

0.249

0.233

0.016

0.496

0.467

0.029

Ratios (%)

FFO payout ratio ⁽²⁾

79.1 %

84.1 %

5.0 %

79.8 %

83.8 %

4.0 %

AFFO payout ratio ⁽²⁾

80.7 %

86.3 %

5.6 %

81.0 %

86.1 %

5.1 %

Debt to GBV ⁽⁶⁾

44.4 %

43.6 %

-0.8 %

44.4 %

43.6 %

-0.8 %

(1)

Rental revenue is based on rents from leases entered into with tenants, all of which are triple-net leases and include recoverable realty taxes and straight-line adjustments. Same Property Cash NOI is based on rental revenue for the same asset base having consistent gross leasable area in both periods.

(2)

NOI, Cash NOI, Same Property Cash NOI, FFO, AFFO, FFO per Unit, AFFO per Unit, FFO payout ratio and AFFO payout ratio are non-IFRS measures or non-IFRS ratios, as applicable. See "Non-IFRS Financial Measures" at the end of this news release. References to "Same Property" correspond to properties that the REIT owned in Q2 2024, thus removing the impact of acquisitions and dispositions.

(3)

Net income for Q2 2025 includes changes in fair value adjustments of $1.5 million for Deferred Units ("DUs"), Income Deferred Units ("IDUs"), Performance Deferred Units ("PDUs") and Restricted Deferred Units ("RDUs"), $1.9 million for interest rate swaps and foreign exchange forward contracts and $0.2 million for investment properties. Please refer to the consolidated financial statements of the REIT and the notes thereto for additional information.

(4)

FFO per Unit and AFFO per Unit – basic is calculated by dividing the total FFO and AFFO by the amount of the total weighted average number of outstanding trust units of the REIT ("REIT Units" and together with the Class B LP Units, "Units") and Class B LP Units. The total weighted average number of Units outstanding – basic for Q2 2025 was 49,117,113.

(5)

FFO per Unit and AFFO per Unit – diluted is calculated by dividing the total FFO and AFFO by the amount of the total weighted average number of outstanding Units, DUs, IDUs, PDUs and RDUs granted to independent trustees and management of the REIT. The total weighted average number of Units outstanding (including Class B LP Units, DUs, IDUs, PDUs and RDUs) on a fully diluted basis for Q2 2025 was 50,496,712.

(6)

Debt to GBV is a supplementary financial measure. See "Non-IFRS Financial Measures" at the end of this news release.

____________________

³ ACFO is a non-IFRS measure. See "Non-IFRS Financial Measures" at the end of this news release.

Three Months Ended
June 30,

Six Months Ended
June 30,

($000s, except per Unit amounts)

2025

2024

Variance

2025

2024

Variance 

Calculation of NOI

Property revenue

$24,601

$23,515

$1,086

48,503

46,928

$1,575

Property costs

(3,742)

(3,691)

(51)

(7,433)

(7,261)

(172)

NOI (including straight–line adjustments)

$20,859

$19,824

$1,035

41,070

39,667

$1,403

Adjustments:

Land lease payments

(99)

(86)

(13)

(198)

(172)

(26)

Straight–line adjustment

(125)

(203)

78

(219)

(451)

232

Cash NOI

$20,635

$19,535

$1,100

40,653

39,044

$1,609

Reconciliation of net income to FFO and AFFO

Net income

$13,003

$37,288

$(24,285)

20,698

58,189

$(37,491)

Adjustments:

Change in fair value – Interest rate swaps and foreign exchange translation adjustment

(1,868)

2,781

(4,649)

2,860

(2,722)

5,582

Distributions on Class B LP Units

-

1,250

(1,250)

-

3,125

(3,125)

Change in fair value – Class B LP Units and Unit-based compensation

1,527

(5,333)

6,860

764

(10,335)

11,099

Change in fair value — investment properties and investment properties held for sale

219

(23,893)

24,112

1,256

(24,031)

25,287

ROU asset net balance of depreciation/interest and lease payments

(74)

(78)

4

(150)

(142)

(8)

FFO

$12,807

$12,015

$792

$25,428

$24,084

$1,344

Adjustments:

Straight–line adjustment 

(125)

(203)

78

(219)

(451)

232

Capital expenditure reserve

(104)

(98)

(6)

(204)

(196)

(8)

AFFO

$12,578

$11,714

$864

$25,005

$23,437

$1,568

Number of Units outstanding (including Class B LP Units)

49,117,113

49,054,833

62,280

49,117,113

49,054,833

62,280

Weighted average Units Outstanding — basic

49,117,113

49,054,833

62,280

49,105,788

49,054,833

50,955

Weighted average Units Outstanding — diluted

50,496,712

50,268,740

227,972

50,414,069

50,191,972

222,097

FFO per Unit – basic⁽¹⁾ 

$0.261

$0.245

$0.016

$0.518

$0.491

$0.027

FFO per Unit – diluted⁽²⁾ 

$0.254

$0.239

$0.015

$0.504

$0.480

$0.024

AFFO per Unit – basic⁽¹⁾

$0.256

$0.239

$0.017

$0.509

$0.478

$0.031

AFFO per Unit – diluted⁽²⁾

$0.249

$0.233

$0.016

$0.496

$0.467

$0.029

Distributions per Unit

$0.201

$0.201

­-

$0.402

$0.402

-

FFO payout ratio ⁽³⁾

79.1 %

84.1 %

5.0 %

79.8 %

83.8 %

AFFO payout ratio ⁽³⁾

80.7 %

86.3 %

5.6 %

81.0 %

86.1 %

5.1 %

(1)

FFO and AFFO per Unit — basic is calculated by dividing the total FFO and AFFO by the amount of the total weighted-average number of outstanding REIT Units and Class B LP Units.

(2)

FFO and AFFO per Unit — diluted is calculated by dividing the total FFO and AFFO by the amount of the total weighted-average number of outstanding REIT Units, Class B LP Units and Unit-based compensation granted to independent trustees and management of the REIT.

(3)

FFO payout ratio and AFFO payout ratio excludes the cash portion of the special distribution paid to unitholders effective December 31, 2024.

Six Months Ended
June 30,

2024

Variance

2025

2024

Variance

Same property base rental revenue

$19,635

$19,185

$450

$39,233

$38,344

Land lease payments

(99)

(99)

-

(198)

(185)

(13)

Same Property Cash NOI

$19,536

$19,086

$450

$39,035

$38,159

Three Months Ended
June 30,

Six Months Ended
June 30,

($000s)

2025

2024

Variance

2025

2024

Variance 

Cash flow from operating activities

$19,595

$19,205

$390

$38,496

$38,454

$42

Change in non-cash working capital

866

(293)

1,159

(502)

(956)

454

Interest paid

(6,088)

(6,164)

76

(11,729)

(12,314)

585

Amortization of financing fees

(297)

(198)

(99)

(574)

(401)

(173)

Amortization of indemnification fees

(7)

(36)

29

(32)

(72)

40

Net interest expense and other financing charges in excess of interest paid

(12)

28

(40)

(52)

56

(108)

Capital expenditure reserve

(104)

(98)

(6)

(204)

(196)

(8)

ACFO

$13,953

$12,444

$1,509

$25,403

$24,571

$832

ACFO payout ratio

70.7 %

79.2 %

8.5 %

77.7 %

80.3 %

2.6 %